How much you could be asked to pay towards your accommodation costs will depend on your financial situation. The Australian Government pays for the bulk of aged care in Australia however you may be asked by your provider to contribute to the cost of your care. The Australian Government regulates the maximum costs you may have to pay.
Basic Daily Fee: A basic daily fee ($50.16 as at 1 April 2018) is used to contribute towards your day-to-day living costs such as meals, cleaning, laundry, heating and cooling. Everyone entering an aged care home may be asked to pay this fee. This rate changes twice per year in line with changes to the age pension. The maximum basic daily fee is 85% of the single person rate of the basic age pension. This also applies if you are a member of a couple. Your Asset and Income Assessment letter from the Department of Human Services will confirm your maximum basic daily fee.
Means Tested Care Fee: This is an additional contribution towards the cost of care that some people may be required to pay. The Department of Health will work out if you are required to pay this fee based on an assessment of your income and assets, and will advise you of the amount. There are annual and lifetime caps that apply to the means tested care fee. Once these caps are reached, you cannot be asked to pay any more means tested care fees. Any income tested care fees you have paid in a Home Care Package prior to moving into an aged care home will also contribute to your annual and lifetime caps.
Accommodation Payments: This is for your accommodation in the home. Some people will have their accommodation costs met in full or in part by the Australian Government, while others will need to pay the accommodation price agreed with the aged care home. The Department of Health will advise which applies to you based on an assessment of your income and assets.
From 1st July 2014, care recipients can choose to pay for their accommodation by a refundable deposit, a daily payment, or a combination of both. The refundable accommodation deposit is fully refundable on termination less any fees outstanding or draw down options selected.
A refundable deposit is paid as a lump sum amount. A daily payment accrues daily and is paid monthly. A combination payment includes both a partial lump sum and daily payments.
The accommodation price a care recipient is required to pay is derived from your income and assets. This is completed by Centrelink or the Department of Veteran's Affairs. See the link to a useful fee estimator on the MyAgedCare website.
Bellhaven Aged Care Facility - the maximum accommodation price a care recipient can be charged for a room (refundable accommodation deposit) is $130,000 for a single room. and $65,000 for a double room.
Examples: Based on the current maximum permissible interest rate of 5.96% (effective 1st July 2018).
* A maximum refundable accommodation deposit of $130,000 would incur a daily accommodation payment of $21.23. A 50% combination payment would mean a refundable accommodation payment of $65,000 and a daily accommodation payment of $10.61.
* A maximum refundable accommodation deposit of $65,000 would incur a daily accommodation payment of $10.61. A 50% combination payment would mean a refundable accommodation deposit of $32,500 and a daily accommodation payment of $5.31.
You are advised to seek financial advice from Centrelink or an external financial adviser.